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FRS Retirement Programs
As a public service employee, you may be a member of your state retirement plan. Your state’s retirement plan may be a defined benefit plan or a defined contribution plan, and/or a hybrid plan.The Florida Retirement System (FRS) offers the option of participating in two FRS retirement plans: The FRS Defined Benefit (Pension) Plan (which includes DROP) and the FRS Defined Contribution (Investment) Plan.
New Bill Impacts FRS Retirement
Review the flyer below for recent changes impacting the Florida Retirement System plans and the Retiree Health Insurance Subsidy.Senate Bill 7024 - approved June 5, 2023
Defined Benefit (Pension) Plan
Defined Benefit (Pension) Plans guarantee a retirement benefit that is predetermined. The employer and employee contribute a specified percentage or amount to the plan. The amount of the retirement benefit is based on a formula that takes into account the years of service and average final salary.- Service / Early (Regular Retirement)
- Deferred Retirement Option Program (D.R.O.P.)
- Exiting Drop
Defined Contribution (Investment/Lump Sum) Plan
Defined Contribution (Investment) Plans guarantee a set contribution made by the employer and employee. The employer and employee contribute a specified percentage or amount toward the plan. Employees usually choose their preferred investment options, and therefore, the employee usually assumes the risks of those investments. The amount of the retirement benefit will depend on the investments and account accumulations the employee has chosen.FRS Plan Comparison
There are three retirement options offered: Service/Early Retirement, DROP, Exiting DROP and Retiring from the Investment Plan.
The Service/Early Retirement and DROP are all retirement options from the Defined Benefit (Pension) Plan. The Defined Contribution (Investment) Plans are for retiring from the Investment plan.Contact MyFRS Financial Guidance Line toll-free at 1-866-446-9377, you’ll have access to experts who can answer all your questions about retirement planning, the FRS retirement plans, and managing your finances.
